Morning Report

Crude continues to fluctuate around resistance for the rising wedge shown in our report yesterday while managing to stabilize below it. The stochastic is heading to the downside as the RSI is showing clear overbought signs; thus, encouraging us to expect a bearish intraday trend as its first of its targets start at 75.65 - 75.15. Keep in mind that stabilizing below 77.85 is vital to achieve this suggested scenario.

The trading range for today is among the key support around 74.20 and the key resistance around 78.25.

The short term trend is to the downside as far as 84.00 remains intact with targets around 61.60.

Previous Report Weekly ReportSupport76.3575.6575.1574.2073.50Resistance77.2578.2579.0079.5080.00RecommendationBased on the charts and explanations above our opinion is selling crude around 77.25 targeting 75.65 and stop loss above 78.25, might be appropriate.